The marginal product of an input is
A) total product divided by the amount of the input used to produce this amount of output.
B) the addition to total output that adds nothing to total revenue.
C) the addition to total output that adds nothing to profit.
D) the addition to total output due to the addition of one unit of all other inputs.
E) the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
E
You might also like to view...
The price of one good in relation to the price of another good is called:
A) absolute prices B) exchange rate C) relative prices D) none of the above
The March 2000 "tech bubble" burst caused the aggregate demand curve to shift to the left by ________
A) causing an upward spike in the real interest rate B) reducing autonomous spending by households and businesses C) reducing government spending on high-tech equipment D) all of the above E) none of the above
The actual benefit of a government subsidy is determined primarily by
a. the elasticities of demand and supply. b. the legal (or statutory) assignment of the subsidy c. the number of exchanges that are made possible as a result of the subsidy. d. whether the subsidy is paid by cash or check.
If a decrease in the price of movie tickets increases the total revenue of movie theaters, this is evidence that demand is:
A. elastic. B. inelastic. C. unit elastic. D. perfectly inelastic.